Tagged: data

The Weird Science of Appraisal Technology - AppraisersBlogs 7

Weird Science

…technology to make a doll real? Remember the movie Weird Science where the two guys develop technology to make a doll real? If you’re my age, I’m sure you do. If not get to googling Kelly LeBrock. She did some amazing things. She looked great, was sexy and had odd powers that turned the older brother into a pile of emoji poop. Weird huh? Everything about her was amazing on the outside, but something was weird. That’s how I feel about new technologies that AMCS, Zillow and others have offered the public. On the outside, it looks great but what’s really happening...

Getting Rid of the Human Appraiser & Putting Appraisers out of Business 14

Are ‘No Appraisal’ First Mortgages the Future?

A human appraiser usually goes to a home… Appraisers, The article, linked here, purports to say that future mortgage loans will be done without using the services of a “boots on the ground” appraiser… "the human appraiser". Why??… because speed and low cost are paramount when people want to finance their largest investment in their life. From the article: “The appraisal process, which typically is not automated, remains a problem. A human appraiser usually goes to a home, takes pictures, makes sure there’s nothing terribly wrong with the structure. It takes seven to ten days to turn around, van den Brand...

Location Reporting - Where, 'Exactly', is Your Subject Located? 9

Where, Exactly, is Your Subject Located?

Appraisers, I have another ‘observation’ to discuss, based on separate reports where I found the same type of subject location reporting by different appraisers working in different areas, nowhere close together. This ‘observation’ concerns the reported physical location (on form page 1 Neighborhood comment section) of the appraised property verses its street address and ZIP Code. This is especially relevant to appraisers who work in Suburban and Rural areas. Street addresses and ZIP Codes are assigned by the United States Postal Service, for THEIR convenience and operations. Those addresses and ZIPs may extend far from city limit lines which is the primary...

Quit Overreporting 10

Quit Overreporting!

Why Do Appraisers Keep Overreporting…? Appraisers, Another friend has provided a copy of an appraisal on the friend’s home. Good golly, miss Molly… Why do appraisers keep overreporting comparable property data, which really isn’t comparable? This subject property is an 1,100 sq.ft. single story home, in a near-beach side community, with partial marine view, not on WFT, in a suburban location. Similar ‘comps’ are extremely limited (no more than 6 sales and 2 listings) due to its GLA, location, age, etc., based on the appraiser’s report, and my own research from multiple searches which proved similar comparable properties are almost non-existent. The report...

Tax Reform & Appraisers Responsibility to Verify Data - AppraisersBlogs 12

It’s All About the Details…

The National Association of Realtors is encouraging all members and citizens to contact their representatives concerning tax reform. Congress is considering many tax reforms including the elimination of the mortgage interest deduction. See their website for further details on how the middle class can be impacted. Excerpt from NAR Tax Reform Call for Action: I urge you to oppose any tax reform plan that would weaken the tax incentives for owning a home, such as the mortgage interest deduction. Additionally, please do not let a tax reform plan increase taxes on middle-class homeowners through the elimination of the state and...

Comps Sharing & Big Data By Appraisers For Appraisers 27

Big Data Assisting Appraisers

Big data comps sharing assisting appraisers… I admit to having a dog in the fight. Maybe even a pony, camel, or even a pure bred Clydesdale horse… On 10/09/2017, the owner of alamode software informed customers of a significant new change in how ‘comps’ can be added to a current report – which will be implemented sometime early next year. Read his message here. This is significant because the ability of ‘Big Data’ is being put to work ASSISTING appraisers, rather than being withheld from us as is done with the GSE’s highly touted Collateral Underwriter – even though ‘we’...

Properties Editing Tool of Collateral Underwriter 4.2 Misinterpreted 17

Misinterpreted CU Update Message

Where the EDITs are used, they are within the "model properties"… Folks, This is the message many appraisers have seen over the past week or so, which came from FNMA: “During the weekend of Dec. 9, we will implement Collateral Underwriter® (CU™) 4.2, (which includes) the ability to edit the subject and appraiser-provided comparable sales property characteristics. CU 4.2 will also provide mortgage insurers (MIs) with access to CU. Lenders will be able to give their MI risk partners access to appraisal-specific data by providing them the Doc File ID generated at the time of appraisal submission.” As so often happens...

HouseCanary, Another High Powered AVM Affecting Appraisers 21

CU Not the Only AVM Affecting Appraisers

Assignments Funneled Back Through HouseCanary & Your Data Appraisers, CU from the GSE’s was thrust on appraisers in 2011. Since then, the giant sink hole designed by the ‘enterprises’ has gobbled up millions of home data elements. And in some cases, this data has been used AGAINST appraisers – who have no direct access to it, even though ‘we’ are the ones supplying the data. But they are not the only entity doing this.  A company named ‘HouseCanary’ has also been amassing more millions of data points about US properties. During 2017, HouseCanary has had $64 MILLION dollars of investor funding...

Individual Adjustments to the Detriment of the Bigger Picture 10

Seeing the Forest Through the Trees

Focusing on individual adjustments to the detriment of the bigger picture… Growing up, my parents used to refer to my inability to see the forest through the trees. This simply meant not being able to see the bigger picture because focus was so narrow that I only saw what was right in front of my eyes. Fortunately, I am older now, and (usually) better at seeing the bigger picture. I suspect this is a common phenomenon in all walks of life, and particularly in our work. This can happen in many aspects of the appraisal puzzle. One of the most...

Standardized Data & Death of Residential Appraiser 30

The Death of the Residential Appraiser

Standardized data & the death of the residential appraiser (as we know it today)… Those that know me on a personal level and that have worked with me over the years have had to hear me talk endlessly about the pending death of the residential appraiser. The other day I eluded to it at the end of another long post. I figured it’s time to share the thoughts with everyone. First off, I come from a long career in corporate America and spend 20 years working in everything from manufacturing, order administration, marketing, sales, and engineering. One thing always held...

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